The markets are expected to open with a positive bias. Asian markets are trading flat to positive as hopes of a stimulus package from global central banks has revived given the weak global and regional economic data that has come in the past few weeks.
From a technical point of view, some momentum oscillators are in an oversold zone. The US markets were closed on Monday, while European markets ended 0.6-1 percent higher.
The Nifty seems to be testing support around the 50-day Daily Moving Average, which is at 5,260. On the downside, the index has near support around 5,220. On Tuesday, the NSE index is likely to seek support around 5,235-5,220, while face resistance around 5,275-5,285. At 7:35 in the morning the SGX Nifty was trading at 5279.50 up 7.50 points.
In individual stocks, Ind-Swift will be a stock to watch as there is buzz that the Piramal group may be eyeing its contract research and manufacturing business.
United Spirits is close to selling its 49 percent stake in Whyte & Mackay.
Auto stocks will continue to remain on traders’ radars after monthly sales data.
Mining and metal stocks will also attract interest from market players as Karnataka government has allowed 18 mines to resume operations.
A top executive movement from Infosys to Wipro will keep traders interested in both counters.
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